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Accounting - Foundation Course 2023-24
Accounting - Foundation Course 2023-24
Foundation Course
Module Name: Accounting Foundation Course
IILM University Gurugram
The course would be taught with the help of a hypothetical example of a company’s transactions
with individuals and other business enterprises, which would enhance the understanding of how
alternative types of transaction are consolidated into summary financial statements for eventual
analysis and use.
3. Module Pre-requisites:
There are no prerequisites for this module and students from diverse educational qualifications are
treated at par with each other.
4. Module Overview:
5. MODULE READINGS
5.1 Main Readings: The course pack contains mostly articles, book readings and videos around
the different concepts of accounting. There are no standard text books recommended for this
course. However, books mentioned in reference section shall be useful.
5.2 References:
Financial Accounting - A Managerial Perspective by R Narayanswamy (latest edition)
Financial Accounting-M. Y khan
5.3Websites:http://www.coursera.org/course/whartonaccounting
Link of this online course will be shared with students and they are expected to finish the course
before the term 1 starts.
6. Session Plan
6.1-Session 1
Introduction to Accounting, Concepts & terminologies
Basics of Accounting, Significance & Role in Business, types of accounting. Different components
of assets and liabilities to be discussed, focusing on nature and classification of assets and
liabilities. This will also include discussion on various expenses and incomes.
Learning Outcome - Understand the role and need for accounting in business decision making
Learning outcome: Understand the role and need for accounting concepts and their application
in real live situations.
6.3 – Sessions 3
Accounting Equation and Journal
The significance of accounting cycle in the business and processing of financial transactions by
applying accounting equation will be discussed.
Learning Outcome – The students will be now understanding to record the transactions in the
books of journal.
References: - http://www.businessdictionary.com/definition/accounting-concepts.html
6.4– Session 4
Journal and Ledger
Accounting is a language and like every language it also has its own alphabets. Journal entry is
an entry to the journal. Journal is a record that keeps accounting transactions in chronological
order, i.e., as they occur. Ledger is a record that keeps accounting transactions by accounts.
Learning outcome: Students will be in position to record journal entries and post them to ledger
accounts.
6.5-6 Session 5-6 Posting of journal entries in the books of ledger will be taught and revised. Trial
Balance will be introduced and its methods of preparation will also be discussed.
Learning Outcome: Students will be in position to prepare ledger accounts individually and learn
different methods of trial balance.
Desired Readings: Financial Accounting - A Managerial Perspective by R Narayanswamy
Financial Accounting by Khan & Jain
6. Student feedback
The Institute places high priority on approaches to learning and teaching that enhances the students’
experience. Feedback is sought from students in a variety of ways including on-going engagement with
faculty, the use of online questionnaires and interaction with the Dean/appropriate authority. This course
is regularly revised and updated to reflect student feedback.
7. Plagiarism
Please refer to the student handbook, page 30, for details.
8.1 Teaching Map:
Module Name: T1 T2 T3 T4 T5 T6
√ √ √
T1: Lectures
T2: Seminars/Tutorials
T3: Projects & Presentation
T4: Case Discussion
T5: Guest Lectures/Industrial Visit
T6: Lab Sessions
Workload: It is expected that you will spend at least ten to twelve hours per week studying for a course.
This time should be made up of reading, research, working on exercises and problems, online activities
and attending classes. In periods where you need to complete assignments or prepare for examinations,
the workload may be greater. We strongly encourage you to connect with your MS Teams Portal in the
first week of semester.
Attendance: Your regular and punctual attendance at lectures and seminars or in online learning activities
is expected in this course. The Institute reserves the right to refuse final assessment to those students
who fails to attend the required minimum number of classes where attendance and participation is
required as part of the learning process (e.g., tutorials, flipped classroom sessions, seminars, labs, etc.).
General Conduct and Behaviour: You are expected to conduct yourself with consideration and respect for
the needs of your fellow students and teaching staff. Conduct which unduly disrupts or interferes with a
class, such as ringing or talking on mobile phones, is not acceptable and students may be asked to leave
the class.
Health and Safety: IILM requires each person to work safely and responsibly, in order to avoid personal
injury and to protect the safety of others.
Keeping Informed: You should take note of all announcements made in lectures, tutorials or on the course
web site. From time to time, the Institute will send important announcements to your university e-mail
address without providing you with a paper copy. You will be deemed to have received this information.
It is also your responsibility to keep the Institute informed of all changes to your contact details.